Samuel Research Market Activity Tuesday, 14 Nov 2017 Market Index Index Movement Market Volume Market Value : 6,021.5 : -0.4 (-0.01%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers HMSP 4,100 70 1.7 GGRM 78,950 2950 3.9 BDMN 5,675 125 2.3 INPP 780 90 13.0 Lagging Movers BBCA 20,475-175 -0.8 BBRI 3,260-20 -0.6 BBNI 7,850-125 -1.6 INTP 20,325-550 -2.6 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBRI 56 BBCA 94 ASII 52 TLKM 46 GGRM 19 UNTR 46 LPPF 16 JSMR 36 MAPI 7 BBNI 32 Money Market USD/IDR 13,552 23.0-0.2 JIBOR O/N 4.0 0.1 - Infl (MoM) 0.0 - - Dual Listing Securities TLKM 30.0-0.3-1.1 ISAT 51.1 0.0 0.1 EIDO 26.7-0.1-0.3 World Indices DJIA 23,440 17 0.1 S&P 500 2,585 3 0.1 Euro Stoxx 3,575-19 -0.5 MSCI World 2,036-5 -0.2 Nikkei 22,438 57 0.3 Hang Seng 29,182 61 0.2 IHSG berpeluang terkoreksi Bursa Wall Street pada perdagangan semalam ditutup pada teritori positif, di mana kami lihat para pergerakan positif tersebut lebih dikarenakan oleh dua hal, pertama mulai meredanya kekhawatiran investor atas ketidakpastian seputar reformasi pajak AS dan kedua, data inflasi AS yang akan dirilis pada pekan ini. Sementara itu, bursa utama Eropa cenderung ditutup melemah, seiring dengan turunnya saham - saham berbasis keuangan. Pada Senin kemarin, IHSG ditutup flat pada level 6021.46 seiring lemahnya sebagian besar pasar Asia Pasifik dan Eropa. Kami melihat pergerakan IHSG, khususnya hari ini, berpotensi melemah, turut terpengaruh oleh tren pelemahan nilai tukar Rupiah terhadap Dolar AS, melemahnya bursa regional Asia, dan negatifnya EIDO. Selain itu, potensi terkoreksinya indeks hari ini juga dikarenakan terbatasnya berita domestik yang mampu menjadi katalis positif bagi pergerakan indeks. Sebagai informasi tambahan, pesimisme mengenai prospek pemangkasan pajak di AS membantu menyeret ekuitas global turun serta meningkatkan volatilitas pada pasar saham pada beberapa waktu lalu. Selain itu, Indeks MSCI akan kembali melakukan perubahan komposisi portofolio di bulan ini. Highlights Perbankan: Konsolidasi bank BUMN dimulai PTPP: Kurangi porsi saham IPO Emtek: Tambah Saham di Bukalapak Commodities Brent Oil 63-0.4-0.6 CPO Malay 2,778-33.0-1.2 Coal Newc 97 0.3 0.3 Nickel 12,449 376.0 3.1 Tin 19,606 86.0 0.4 www.samuel.co.id Page 1 of 6
Perbankan: Konsolidasi bank BUMN dimulai Diberitakan bahwa Kementerian BUMN tampak memulai proses pembentukan holding perbankan dan jasa keuangan. Pertama, pemerintah membentuk PT Jalin Pembayaran Nusantara sebagai penyelenggara switching dan kliring kartu ATM. Kedua, BBRI memastikan akan akuisisi PT Bahana Artha Ventura. Selain itu, BBRI juga akan mengakuisisi sebuah perusahaan sekuritas, kemungkinan PT Bahana Sekuritas. PT Danareksa direncanakan menjadi holding yang akan memiliki BMRI, BBRI, BBNI, BBTN, PT Pegadaian, PT PNM, dan PT Jalin Pembayaran Nusantara. (Kontan). Comment: Pembentukan holding dapat mempererat sinergi antar bank BUMN demi mendukung proses intermediasi kebijakan moneter dan menaikkan efisiensi perbankan BUMN. Namun, fleksibilitas dan proses pengambilan keputusan terkait strategi suatu bank diharapkan tidak menjadi lebih sulit karena perlu dikonsultasikan dulu dengan holding-nya. Banking: Overweight. PTPP: Kurangi porsi saham IPO PT PP (Persero), Tbk salah satu anak usahanya, PP Presisi akan mengurangi porsi saham IPI dari semula4.23miliar menjadi 2.35miliar dan memutuskan harga pelaksanaan pada batas bawah Rp430. Dengan menggunakan angka tersebut maka dana yang potensi diperoleh sekita r Rp1.01tn (Investor Daily). PTPP: Buy; 17E PE: 12.4x, PBV: 1.5x. Emtek: Tambah Saham di Bukalapak PT Elang Mahkota Teknologi Tbk. (Emtek) kerap menggelontorkan dana ke bisnis start up. Selama periode 9M17, Emtek mengeluarkan dana tambahan investasi sebes ar Rp273,75 juta untuk bisnis start up. Kepemilikan Emtek di Bukalapak pun bertambah dari 49,08% menjadi 49,21%. Manajemen masih belum memberikan penjelasan lebih rinci mengenai rencana ekspansi bisnis ke depannya. (Kontan). Emtek: Non-Coverage. www.samuel.co.id Page 2 of 6
Stock Rec. Mkt Cap JCI Wgt price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE Banks (Rp bn) (%) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E BMRI BUY 329,000 5.0 7050 0.0 21.8 7231 7900 12.1 16.6 13.4 1.9 1.6 11.3% 12.0% BBCA HOLD 504,811 7.7 20475 (0.8) 32.1 20864 21300 4.0 21.8 20.6 3.9 3.4 17.9% 16.5% BBRI BUY 402,107 6.1 3260 (0.6) 39.6 3288 3560 9.2 14.3 12.4 2.4 2.1 16.9% 17.0% BBNI BUY 146,392 2.2 7850 (1.6) 42.1 8170 8400 7.0 11.0 9.5 1.5 1.3 13.6% 14.0% BBTN HOLD 30,817 0.5 2910 0.0 67.2 3339 3300 13.4 10.5 8.8 1.4 1.3 13.7% 14.3% BNLI BUY 17,947 0.3 640 (0.8) 19.3 818 890 39.1 12.1 13.3 0.8 0.8 6.7% 5.7% Average 14.4 13.0 2.0 1.7 13.3% 13.3% Consumer (Staples) ICBP BUY 99,709 1.5 8550 0.3 (0.3) 9169 9600 12.3 26.5 24.1 5.1 4.6 19.3% 19.0% INDF BUY 69,804 1.1 7950 (0.9) 0.3 9521 9900 24.5 14.9 13.0 2.1 1.9 14.2% 14.9% KLBF BUY 75,000 1.2 1600 0.0 5.6 1752 1750 9.4 30.2 26.7 5.6 5.0 18.7% 18.7% ROTI BUY 8,166 0.1 1320 3.1 (17.5) 1333 1620 22.7 35.7 18.3 4.3 3.6 12.1% 19.6% UNVR HOLD 375,587 5.8 49225 0.1 26.9 49615 49400 0.4 52.4 47.4 68.5 60.3 130.7% 127.1% SIDO BUY 7,950 0.1 530 (0.9) 1.9 556 550 3.8 16.2 15.5 2.5 2.3 15.5% 15.0% AISA HOLD 2,881 0.0 895 6.5 (54.0) 1022 980 9.5 4.9 4.2 0.6 0.6 13.1% 13.2% Average 25.8 21.3 12.7 11.2 31.9% 32.5% Cigarette HMSP BUY 476,904 7.3 4100 1.7 7.0 4128 4390 7.1 36.9 35.7 12.7 11.5 34.3% 32.4% GGRM BUY 151,907 2.3 78950 3.9 23.6 80234 77150-2.3 21.7 20.3 3.4 3.0 15.6% 14.8% Average 29.3 28.0 8.0 7.3 24.9% 23.6% Healthcare MIKA BUY 27,064 0.4 1860 (0.5) (27.6) 2396 2950 58.6 34.4 31.5 6.7 6.1 19.6% 19.3% SILO HOLD 15,933 0.2 9800 (0.8) (9.5) 10977 10700 9.2 121.0 99.0 4.0 3.7 3.3% 3.7% Average 77.7 65.3 5.3 4.9 11.4% 11.5% Poultry CPIN BUY 51,982 0.8 3170 0.3 2.6 3073 2700-14.8 13.4 12.4 1.7 1.5 12.8% 12.4% JPFA HOLD 15,062 0.2 1320 2.7 (9.3) 1631 1500 13.6 11.4 10.7 1.5 1.3 13.0% 12.4% MAIN BUY 1,914 0.0 855 0.0 (34.2) 914 1250 46.2 5.1 4.0 0.7 0.6 14.6% 16.1% Average 9.9 9.1 1.3 1.2 13.5% 13.7% Retail MAPI BUY 10,873 0.2 6550 0.0 21.3 8175 7900 20.6 43.4 31.3 3.1 2.8 7.2% 9.1% RALS BUY 6,493 0.1 915 (1.1) (23.4) 1155 1250 36.6 12.5 9.8 1.7 1.5 13.3% 15.4% ACES BUY 21,523 0.3 1255 0.0 50.3 1335 1400 11.6 28.5 23.2 6.4 5.3 22.4% 23.0% LPPF BUY 29,763 0.5 10200 3.0 (32.6) 12159 13200 29.4 10.8 10.4 8.7 6.2 81.1% 60.0% Average 23.8 18.7 5.0 4.0 31.0% 26.9% Media MNCN BUY 23,556 0.4 1650 0.0 (6.0) 1869 2000 21.2 13.2 11.2 2.4 2.2 18.2% 19.3% SCMA HOLD 28,512 0.4 1950 (1.3) (30.4) 2338 2300 17.9 17.3 15.7 6.8 5.7 39.6% 36.3% Average 15.2 13.5 4.6 3.9 28.9% 27.8% Telco EXCL BUY 37,408 0.6 3500 0.0 51.5 3984 3200-8.6 94.6 62.5 1.7 1.7 1.8% 2.7% ISAT BUY 30,702 0.5 5650 0.9 (12.4) 7932 8200 45.1 15.5 11.1 2.1 1.9 13.4% 16.7% TLKM BUY 413,280 6.3 4100 (0.5) 3.5 4892 5000 22.0 17.1 13.2 4.1 3.5 24.0% 26.7% TOWR BUY 40,812 0.6 4000 (0.5) 11.7 4900 4500 12.5 11.6 10.9 2.9 2.3 24.5% 20.7% Average 34.7 24.4 2.7 2.3 15.9% 16.7% Auto and HE ASII BUY 338,038 5.2 8350 0.0 0.9 9055 9000 7.8 14.5 12.8 2.7 2.1 18.6% 16.6% UNTR BUY 122,628 1.9 32875 0.5 54.7 37127 38500 17.1 17.6 15.8 2.7 2.4 15.5% 15.5% Average 16.1 14.3 2.7 2.3 17.1% 16.0% Aviation GIAA HOLD 8,905 0.1 344 1.2 1.8 367 420 22.1 258.4 25.8 0.6 0.4 0.2% 1.7% Property BSDE BUY 31,853 0.5 1655 (2.1) (5.7) 2264 2350 42.0 14.8 12.7 1.3 1.1 8.7% 8.5% PWON BUY 29,618 0.5 615 (0.8) 8.8 724 767 24.7 15.0 12.6 2.9 2.4 19.2% 19.3% ASRI BUY 7,663 0.1 390 (2.0) 10.8 440 448 14.9 14.4 13.9 1.0 0.9 6.7% 6.6% SMRA HOLD 14,210 0.2 985 0.0 (25.7) 1244 1110 12.7 43.6 32.6 1.8 1.8 4.1% 5.7% SSIA BUY 2,706 0.0 575 0.0 32.5 783 750 30.4 38.3 22.1 0.9 0.8 2.3% 3.8% CTRA BUY 22,458 0.3 1210 0.0 (9.4) 1463 1580 30.6 17.8 15.5 1.6 1.5 8.8% 9.7% DMAS BUY 8,579 0.1 178 (0.6) (22.6) 283 300 68.5 10.1 8.1 1.0 0.9 9.7% 10.8% KIJA BUY 6,456 0.1 310 0.6 7.0 #N/A N/A 450 45.2 13.5 11.9 1.0 1.0 7.8% 8.1% Average 20.9 16.2 1.4 1.3 8.4% 9.0% www.samuel.co.id Page 3 of 6
Construction PTPP BUY 17,298 0.3 2790 (1.4) (26.8) 4131 4150 48.7 12.4 10.5 1.5 1.3 11.8% 12.6% ADHI BUY 7,834 0.1 2200 (0.9) 5.8 2720 2550 15.9 23.7 19.8 1.4 1.4 6.0% 7.1% WSKT BUY 29,727 0.5 2190 0.5 (14.1) 2848 3250 48.4 7.4 6.2 1.4 1.2 18.4% 19.8% WIKA BUY 18,119 0.3 2020 0.5 (14.4) 2701 3000 48.5 16.3 14.2 1.3 1.2 8.0% 8.3% Average 14.9 12.7 1.4 1.3 11.0% 12.0% Cement INTP SELL 74,821 1.1 20325 (2.6) 32.0 18111 13500-33.6 20.6 19.4 2.6 2.4 12.9% 12.6% SMGR HOLD 59,315 0.9 10000 0.0 9.0 11151 9000-10.0 14.7 13.3 1.9 1.7 12.9% 12.9% SMCB SELL 6,284 0.1 820 0.0 (8.9) 645 700-14.6-34.2-27.3 0.8 0.8-2.3% -2.8% SMBR HOLD 27,591 0.4 2780 0.0 (0.4) 585 2300-17.3 73.2 69.5 7.3 6.5 10.0% 9.3% Average 18.6 18.7 3.2 2.8 8.4% 8.0% Precast WSBP BUY 10,650 0.2 452 (0.5) (27.2) 628 690 52.7 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 5,883 0.1 675 0.0 (18.2) 958 1150 70.4 17.8 15.3 1.9 1.6 10.9% 10.6% Average 14.7 12.2 1.7 1.4 11.6% 12.1% Oil and Gas PGAS BUY 42,907 0.7 1770 (1.9) (34.4) 1987 2200 24.3 16.1 12.0 0.9 0.9 5.9% 7.5% AKRA BUY 29,046 0.4 7250-0.68 20.8 7635 7600 4.8 24.7 24.5 3.8 3.4 15.2% 14.0% TPIA BUY 102,899 1.6 28850 0.2 42.3 25453 29000 0.5 23.6 21.7 4.0 3.6 17.1% 16.8% MEDC BUY 10,464 0.2 785 1.9 137.9 1076 1125 43.3 4.4 4.1 0.8 0.7 17.6% 16.3% Average 17.2 15.6 2.4 2.2 14% 14% Utilities JSMR HOLD 46,632 0.7 6425 (1.2) 48.7 6613 5100-20.6 24.0 24.2 3.1 2.8 12.9% 11.7% Metal ANTM HOLD 16,461 0.3 685 (2.8) (23.5) 778 700 2.2 228.3 228.3 0.9 0.9 0.4% 0.4% INCO HOLD 31,101 0.5 3130 0.3 11.0 3093 2145-31.5 117.8 58.9 1.3 1.2 1.1% 2.1% TINS BUY 6,777 0.1 910 0.6 (15.3) 1209 1200 31.9 16.3 12.1 1.2 1.1 7.3% 9.3% Average 120.8 99.8 1.1 1.1 2.9% 3.9% Coal DOID BUY 7,270 0.1 850.0-0.6 66.7 1526.7 1600 88.2 10.7 6.0 3.0 2.0 28.6% 33.1% ITMG BUY 23,700 0.4 20975 (2.4) 24.3 23458 22300 6.3 9.9 9.9 1.8 1.6 17.9% 16.6% ADRO BUY 58,214 0.9 1820 0.3 7.4 2265 2200 20.9 10.1 9.8 1.1 1.1 11.3% 11.4% PTBA BUY 27,650 0.4 12000 1.1 (4.0) 14563 15000 25.0 11.9 7.0 2.2 1.8 18.2% 26.5% Average 10.6 8.2 2.0 1.6 19.0% 21.9% Plantation AALI BUY 27,908 0.4 14500 (0.7) (13.6) 16931 17800 22.8 13.3 13.1 1.6 1.6 12.4% 12.0% LSIP BUY 10,575 0.2 1550 (0.3) (10.9) 1709 1750 12.9 13.4 12.7 1.2 1.1 9.0% 9.0% SIMP HOLD 8,066 0.1 510 (1.0) 3.2 542 600 17.6 10.9 10.0 0.5 0.5 5.0% 5.2% Average 12.5 11.9 1.1 1.1 8.8% 8.7% Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, MEDC, INCO, DOID, TPIA report in USD. www.samuel.co.id Page 4 of 6
Regional Indices 1D Change Price Points 1D 3D 1W 1M 3M YTD 1YR High Low World (4.54) 2,036 (0.22) (0.33) (0.54) 0.38 4.26 16.25 20.29 2,054 1,689 U.S. (S&P) 2.54 2,585 0.10 (0.37) (0.24) 1.24 4.83 15.45 19.44 2,597 2,156 U.S. (DOW) 17.49 23,440 0.07 (0.52) (0.46) 2.48 6.57 18.61 24.23 23,602 18,806 Europe (19.24) 3,575 (0.54) (2.20) (2.93) (0.83) 3.59 8.63 17.59 3,709 2,984 Emerging Market (5.23) 1,123 (0.46) (1.01) (0.69) (0.24) 6.61 30.27 33.89 1,139 837 FTSE 100 (17.81) 7,415 (0.24) (1.52) (1.95) (1.60) 0.83 3.81 n/a 7,599 6,679 CAC 40 (39.09) 5,342 (0.73) (2.37) (3.01) (0.19) 4.29 9.86 18.48 5,536 4,480 Dax (53.05) 13,074 (0.40) (2.30) (2.93) 0.64 7.47 13.88 22.26 13,526 10,403 Indonesia (0.37) 6,021 (0.01) (0.46) (0.49) 1.64 3.79 13.68 17.70 6,082 5,023 Japan 32.21 22,413 0.14 (1.99) (2.29) 5.95 14.72 17.26 26.82 23,382 17,456 Australia (58.47) 5,963 (0.97) (1.42) (0.85) 2.57 4.06 5.25 11.55 6,052 5,286 Korea (7.49) 2,523 (0.30) (1.09) (0.89) 1.99 8.08 24.50 27.78 2,562 1,961 Singapore (0.97) 3,419 (0.03) (0.06) 1.10 3.01 3.34 18.69 22.67 3,431 2,778 Malaysia (4.79) 1,737 (0.27) (0.38) (0.28) (1.02) (1.90) 5.83 7.48 1,797 1,614 Hong Kong 61.26 29,182 0.21 0.95 2.05 2.48 7.09 32.64 31.32 29,259 21,489 China 15.16 3,448 0.44 0.95 1.76 1.69 6.50 11.09 7.40 3,449 3,017 Taiwan (48.75) 10,684 (0.45) (1.25) (0.95) (0.37) 4.49 15.46 19.50 10,859 8,880 Thailand (2.23) 1,687 (0.13) (1.61) (1.44) (1.48) 8.05 9.34 14.83 1,730 1,463 Philipines (103.46) 8,330 (1.23) (2.10) (2.27) (1.40) 4.62 21.77 21.23 8,605 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.05 3.95 0.00 0.47 (20.11) (6.65) (6.68) 4.96 3.89 Foreign Reserve (US$bn) n/a 126.55 n/a (2.21) (0.95) 8.75 10.01 129.40 111.47 Inflation Rate (%) n/a 0.01 n/a (92.31) (95.45) (97.62) (92.86) 0.97 (0.07) US Fed Rate (%) 0.00 1.25 0.00 0.00 0.00 66.67 150.00 1.25 0.50 Indo Govt Bond Yld (10yr) - % (0.00) 6.68 0.53 1.75 (3.32) (16.23) (15.69) 8.36 6.25 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 23.00 13552 (0.17) (0.26) (0.21) (0.39) (0.58) (0.58) (1.38) 13,645 13,145 Japan 0.01 113.63 (0.01) (0.14) 0.33 (1.27) 2.93 2.93 (4.59) 118.66 107.32 UK 0.00 1.31 0.08 (0.14) (0.30) (0.94) 6.38 6.38 5.10 1.37 1.20 Euro 0.00 1.17 0.06 0.27 0.75 (1.03) 11.00 11.00 8.73 1.21 1.03 China (0.00) 6.64 0.01 (0.19) (0.10) (0.92) 4.59 4.59 3.31 6.96 6.44 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil (0.07) 56.69 (0.12) (0.84) (0.89) 10.18 19.12 5.53 30.86 57.92 42.05 CPO (33.00) 2,778.00 (1.17) (1.94) (0.71) 0.76 3.39 (10.65) (6.18) 3,202.00 2,390.00 Rubber (0.50) 764.50 (0.07) (1.67) (2.18) (4.79) (7.00) (21.79) (2.05) 1,174.00 764.50 Coal 0.30 96.70 0.31 (0.41) (1.48) 0.78 3.87 2.11 (4.49) 100.00 71.25 Iron Ore (0.17) 60.89 (0.28) (1.02) 0.71 (4.35) (23.95) (22.00) (17.04) 94.91 54.24 Tin 86.00 19,606.00 0.44 0.24 0.20 (5.44) (3.99) (7.54) (8.78) 21,609.00 18,750.00 Nickel 380.00 12,490.00 3.14 (1.65) (3.33) 6.57 17.17 24.65 11.42 13,030.00 8,680.00 Copper 109.00 6,895.00 1.61 0.58 (1.08) 0.19 7.55 24.56 24.26 7,177.00 5,360.00 Gold (1.30) 1,277.60 (0.10) (0.77) 0.14 (1.94) (0.60) 11.10 4.58 1,358.50 1,124.70 Source: SSI Research, Bloomberg www.samuel.co.id Page 5 of 6
Research Team Andy Ferdinand, CFA Head Of Equity Research, Strategy, Banking, Consumer andy.ferdinand@samuel.co.id +6221 2854 8148 Ahmad Mikail Economist ahmad.mikail@samuel.co.id +6221 2854 8396 Muhamad Makky Dandytra, CFTe Technical Analyst makky.dandytra@samuel.co.id +6221 2854 8382 Akhmad Nurcahyadi, CSA Arandi Ariantara Auto, Aviation, Cigarette, Construction Healthcare, Heavy Equipment, Property Cement, Telecommunication, Toll Road, Oil and Gas akhmad.nurcahyadi@samuel.co.id +6221 2854 8144 arandi.ariantara@samuel.co.id +6221 2854 8392 Marlene Tanumihardja Poultry, Retail, Small Caps marlene@samuel.co.id +6221 2854 8387 Sharlita Lutfiah Malik Mining, Plantation sharlita.malik@samuel.co.id +6221 2854 8339 Nadya Swastika Research Associate nadya.swastika@samuel.co.id +6221 2854 8338 Private Wealth Management Evelyn Satyono Head of PWM / Institutional Sales evelyn.satyono@samuel.co.id +6221 2854 8380 Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id +6221 2854 8129 Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399 Clarice Wijana Institutional Equity Sales clarice.wijana@samuel.co.id +6221 2854 8395 Fachruly Fiater Institutional Equity Sales fachruly.fiater@samuel.co.id +6221 2854 8325 Equity Sales Team Kelvin Long Head of Equities kelvin.long@samuel.co.id +6221 2854 8150 Yulianah Institutional Equity Sales yulianah@samuel.co.id +6221 2854 8146 Lucia Irawati Retail Equity Sales lucia.irawati@samuel.co.id +6221 2854 8173 Online Trading Sales Team Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id +6221 2854 8372 Wahyu Widodo Marketing wahyu.widodo@samuel.co.id +6221 2854 8371 Aben Epapras Marketing aben.epapras@samuel.co.id +6221 2854 8389 DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recom mendations or v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. This document is f or information only and f or the use of the recipient. It is not to be reprod uced or copied or made available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommendation contained in this report may not be suitable f or all investors. Moreover, although the inf ormation contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights reserv ed by PT Samuel Sekuritas Indonesia www.samuel.co.id Page 6 of 6